The financial data, strategy for future development, business objectives and new management team of the banking institution to result from the merger of Ergobank and EFG Eurobank were presented today by Mr. P. Petalas, General Director of the EFG Bank Group, parent group of the two banks, Mr. X. Nikitas, Chairman of Ergobank, and Mr. N. Nanopoulos, CEO of EFG Eurobank.The financial data, strategy for future development, business objectives and new management team of the banking institution to result from the merger of Ergobank and EFG Eurobank were presented today by Mr. P. Petalas, General Director of the EFG Bank Group, parent group of the two banks, Mr. X. Nikitas, Chairman of Ergobank, and Mr. N. Nanopoulos, CEO of EFG Eurobank.
The new banking organisation will have 7,500 staff, a network of 330 branches throughout Greece, equity of GRD 600 billion and total assets of GRD 5 trillion. Assets under management, including mutual funds, will total GRD 7,6 trillion. This makes it the third largest banking group in the Greek market and, in terms of capitalisation, the fifth largest company quoted on the Athens Stock Exchange. The legal merger will be completed by June 2000.P. Petalas, General Director of the EFG Bank Group, spoke of the Group's strategic choices in the Greek market, all of which are designed to create a powerful, modern and large-scale banking group with a leading position in the domestic market, strong international connections and alliances and strong regional activities. He also announced the composition of the new management team, which is as follows:
- Chairman: Mr. Xenophon Nikitas, currently Chairman of Ergobank.
- Chief Executive Officer: Mr. Nicholas Nanopoulos, currently Managing Director of EFG Eurobank.
- The current Chairman of EFG Eurobank, Mr George Gonticas, will be Honorary Chairman of the new bank and a member of its Board of Directors. He will also serve on the Board of Directors of EFG Consolidated Holdings, will chair the Bank's senior Credit Committee, will be Deputy Chairman of the Co-ordinating Council for subsidiaries, and will be a member of the Audit Committee and the Strategy Council.
- Antonis Bibas, currently Managing Director of Ergobank, will become Chairmanship of the Co-ordinating Council for subsidiaries. He will also be a member of the Board of Directors of the new bank and of EFG Consolidated Holdings, Chairman of the Audit Committee, and a member of the senior Credit Committee. As a member of the Board of the Bank, he will be accountable to the Bank of Greece.
- A nine-member Executive Committee will be set up to manage the bank, consisting of Xenophon Nikitas, Chairman, Nicholas Nanopoulos, CEO, Nikolaos Karamouzis and Byron Ballis, Deputy Managing Directors, and five General Managers: in alphabetical order, Haralambos Kyrkos, Kyriakos Nasikas, Stelios Papaderos, Nikos Pavlidis and Christos Sorotos.
- Also to be formed is a five-member Strategy Council, consisting of Messrs Nikitas, Gonticas, Nanopoulos, Karamouzis and Ballis.
Mr Nanopoulos ended his speech with the following words: "The Greek banking system is an inseparable part of the global market, obeying the same laws and subject to the same shocks as the international banking system. It is not only the structure of the system which may change and evolve in accordance with international trends: the development of new products and services is, perhaps, of still greater importance, as is the introduction of new forms of banking transactions and means of access for clients, together with the use of new technology to achieve greater efficiency and more diversified services. In this context, which affects not only the product range, but also the new architecture taking shape, the new bank born out of the shared strengths of Ergobank and Eurobank will be in a position to play a creative and positive leading role."